Santander wins 3,675 million until June against losses from 10,798 million a year earlier

The Santander obtained a net benefit attributed from 3,675 million euros during the first half of the year against losses of 10,798 million a year earlier by up

Santander wins 3,675 million until June against losses from 10,798 million a year earlier

The Santander obtained a net benefit attributed from 3,675 million euros during the first half of the year against losses of 10,798 million a year earlier by updating trade funds in their historical investments and deferred tax assets (DTA) before the deterioration of the economic perspectives following the Covid-19 pandemic.

The accounts support, however, 530 million costs for the restructuring announced in the group, mainly in the United Kingdom and Portugal. If this impact is neutralized, the ordinary benefit goes up to 4,205 million, 153% more, the Bank explained to the National Securities Market Commission (CNMV).

They are based on a growth of 2% in the volume of business in credit and 4% in deposits, with their three regions (Europe, North America) also contributing "similar to the benefit of the group".

The ordinary benefit generated in Europe was shot 172% and added 1,426 million; In North America, 1,628 million (178%) and South America 1,645 million (+ 41%) generated.

"We go online to overcome the profitability objective for the year and we maintain the intention to resume a remuneration to the shareholders of 40-50% of the ordinary benefit," said the group president, Ana Botín, after the European Central Bank. (ECB) He has raised the veto to the dividends.

The banquet stressed that the second trimester accounts also support an expansion of 13% in the net margin, "thanks to a very positive evolution in all geographies, especially the United States and the United Kingdom, and in all businesses."

The Bank improved the delinquency ratio, even lowering 42% of provisions, and its most demanding capital CET1 stood at 12.11%, after increasing at 27 basis points. The reported results gave rise to a profitability over the tangible capital (ROTE) of 11.8% "above the cost of capital".

Date Of Update: 03 August 2021, 19:35

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